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US consumer confidence rise to two-year high in January

Published 01/30/2024, 10:24 AM
Updated 01/30/2024, 11:22 AM
© Reuters. FILE PHOTO: A woman carrying a shopping bag from Staud walks past people queuing for a pop-up shop in the SoHo neighborhood of New York City, U.S., September 21, 2023.  REUTERS/Bing Guan/File Photo

WASHINGTON (Reuters) - U.S. consumer confidence increased to a two-year high in January amid slowing inflation and expectations that the Federal Reserve would start cutting interest rates soon.

© Reuters. FILE PHOTO: A woman carrying a shopping bag from Staud walks past people queuing for a pop-up shop in the SoHo neighborhood of New York City, U.S., September 21, 2023.  REUTERS/Bing Guan/File Photo

The Conference Board said on Tuesday that its consumer confidence index rose to 114.8 this month, the highest reading since December 2021, from a downwardly revised 108.0 in December. Economists polled by Reuters had forecast the index rising to 115.0 from the previously reported 110.7.

"January's increase in consumer confidence likely reflected slower inflation, anticipation of lower interest rates ahead, and generally favorable employment conditions as companies continue to hoard labor,” said Dana Peterson, chief economist at The Conference Board in Washington. "The gain was seen across all age groups, but largest for consumers 55 and over."

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